FTC Warns About Online Romance Scams

By May 17, 2021 Elder Fraud

The Federal Trade Commission (“FTC”) issued a recent warning about the dangers of romance scams on dating sites and apps in conjunction with Older Americans Month.

According to the FTC, people reported over $300 million in losses due to romance scams in 2020, many of them older residents.

As the FTC stated in a recent warning on its website:

“These can happen when someone makes a fake profile on dating sites, apps and social media. They then message you to get a relationship going, build your trust, and connect.

Then, they hit you up for money. ‘Baby, I want to come see you but I’m short on funds. Can you send me $500 for a ticket?’ Or, ‘I love you, honey. But we may not be able to talk anymore because my phone is about to get cut off. I need $300 to pay the bill…’ Get the idea?

In the name of love, you send money. They come back with other lies to get still more money. Then the messages stop. You can’t reach them. They’ve taken off with a piece of your heart and big chunk of your wallet.”

Fishman Haygood’s team of investment fraud lawyers represent investors who have suffered investment losses in claims against their brokers or financial advisors and the firms employing/supervising them, including victims of elder financial abuse and elder fraud. If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Please contact us to discuss your potential claim.